Inflation in the UK cooled off from last month’s record annual high, according to data from the Office of National Statistics on Wednesday.
The consumer price index (CPI) rose by 0.4% in November against the previous month. Annually, CPI grew by 10.7%.
Both the annual and the monthly increases undershot FXStreet-cited market consensus of 0.6% and 10.9% rises, respectively.
In October, prices rose by 11.1% against the previous year, the highest annual inflation rate since the National Statistics series began in January 1997.
Core inflation was 0.3% in November against the previous month and 6.3% against the same month of the previous year.
CPI, including owner occupiers’ housing costs, rose by 9.3% in November against the year prior, down from 9.6% in October.
The ONS said the easing in the annual inflation rate in November principally reflected price changes in the transport division. There were also downward effects from tobacco, accommodation services, clothing and footwear, and games, toys and hobbies.
The largest upward effect came from price rises for alcohol in restaurants, cafes and pubs.
By Heather Rydings, Alliance News senior economics reporter
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